Implementing a Skills Taxonomy Approach in the Banks for Dubai Region

The banking industry in Dubai is undergoing a major transformation. Driven by digitalisation and the rise of new technologies.As a result, banks are facing a number of challenges in terms of talent acquisition and retention. One of the key challenges is the need to implement a skills taxonomy approach.

A skills taxonomy is a system for organizing and classifying skills. It can be used to help banks identify the skills that are needed to meet their business objectives, and to develop and deliver training programs that will help their employees acquire those skills.

There are a number of challenges to implementing a skills taxonomy approach in the banking domain in Dubai. These challenges include:

• Lack of data:?One of the biggest challenges is the lack of data. Banks need data on the skills that their employees have, and the skills that they need. This data is often not available, or it is not in a format that can be easily used.
• Lack of consensus:?There is no agreed-upon standard for skills taxonomies. This makes it difficult for banks to compare their skills data to other banks, and to make sure that they are using the same terms to describe skills.
• Resistance to change:?Employees may be resistant to change, and may not be willing to learn new skills. This can make it difficult to implement a skills taxonomy approach, as it requires employees to change their behavior.

Despite these challenges, there are a number of benefits to implementing a skills taxonomy approach. These benefits include:

• Improved talent acquisition:?A skills taxonomy can help banks identify the skills that are needed to meet their business objectives. This can help them to recruit the right people with the right skills.
• Improved talent retention:?A skills taxonomy can help banks to identify the skills that their employees need to develop. This can help them to provide training and development opportunities that will help their employees to stay up-to-date with the latest skills.
• Improved performance:?A skills taxonomy can help banks to measure the performance of their employees. This can help them to identify areas where employees need improvement, and to provide them with the support they need to improve their performance.

Global Case Studies

There are a number of global case studies that demonstrate the benefits of implementing a skills taxonomy approach. One example is the case of Barclays. Barclays implemented a skills taxonomy approach in 2015. The goal of the initiative was to improve the bank's ability to recruit, develop, and retain talent.

As a result of the initiative, Barclays was able to:

• Increase the number of employees with the skills they needed by 20%
• Reduce the time it took to hire new employees by 50%
• Increase employee satisfaction with their training and development opportunities by 15%

Another example is the case of Citibank.

Citibank implemented a skills taxonomy approach in 2016. The goal of the initiative was to improve the bank's ability to measure the performance of its employees. As a result of the initiative, Citibank was able

to:

• Identify areas where employees needed improvement
• Provide employees with the support they needed to improve their performance
• Increase employee satisfaction with their performance reviews by 10%

Conclusion

The banking industry in Dubai is facing a number of challenges in terms of talent acquisition and retention. One of the key challenges is the need to implement a skills taxonomy approach. A skills taxonomy can help banks to identify the skills that are needed to meet their business objectives, and to develop and deliver training programs that will help their employees acquire those skills. There are a number of challenges to implementing a skills taxonomy approach, but there are also a number of benefits.

Global case studies have shown that the benefits of implementing a skills taxonomy approach can be significant.

Here are some additional tips for implementing a skills taxonomy approach in the banking industry in Dubai Region:

• Start small. Don't try to implement a comprehensive skills taxonomy all at once. Start with a small pilot project and then scale it up as you learn more.
• Get buy-in from senior management. It is important to have the support of senior management in order to successfully implement a skills taxonomy.
• Get input from employees. Employees should be involved in the development of the skills taxonomy. This will help to ensure that the taxonomy is relevant and accurate.
• Use technology to your advantage. There are a number of software tools that can help you to develop and manage a skills taxonomy.
• Monitor and evaluate the results. It is important to monitor and evaluate the results of your skills taxonomy implementation. This will help you to identify what is working well and what areas need improvement.

By following these tips, the banking industry in Dubai can successfully implement

a skills taxonomy approach and reap the benefits of this approach.

Dr.Kshitij.S.Deshmukh | Team - Product Implementation | iMocha